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Vishal (business)     21 May 2010

Transfer of share in a Flat

Dear All

A Residential flat in Mumbai is owned by a son and his father and sale deed is registered though all consideration was paid by the son. Now Son wants to get the said flat only in his own name and father is ready to sign the douments for transfer.

Would like to know how the same can be done with minium cost.

Is this can be done by making a Will by Father or it is better to do a Gift Deed or a deed of   rectification

Pl also let me know the stamp duty for avaling any of the options - The Market Value of the Flat in Mumbai is approx Rs 45 lacs.

Is the same can be done by nomination filed with the society.

thanks & regards

Sanu

 

 

 



Learning

 4 Replies

A V Vishal (Advocate)     21 May 2010

A relinquishment deed is the reliable and cheap way of transferring the father's share unto the son.

Anil Agrawal (Retired)     22 May 2010

Never dream of a will. It will ruin the life of inheriters. It is meant for rich and men of means.

Pay stamp duty and get it transferred in your name. It will be a hefty sum. Don't try to economise when the property is valued at45 lacs.

Vishal (business)     24 May 2010

Hi Vishal

Thanks

Would appreciate if you could  share a draft of the relinquishment deed  and also let me know the amount of stamp duty.

Hi Anil

Thanks

But could you pl let me know why you feel the property should not be transferred by way of gift from father to son.

And if the same is to be transferred by paying stamp duty then what document is to de executed and what amount of stamp duty is to be paid.

thanks

regards

Vishal

 

 should not be done

Vishal (business)     25 May 2010

Dear All,

Would like to know how the share between theree co-owners of a Flat is to be arrived at if the same is not mentioned in the Sale Deed . The Flat is owned by Father and his 2 sons and 1 son has avialed loan which is more than 1/2 of the Consideration and the other son has not contributed any thing.

Can the son who has not contributed any consideration relinquish all his interest and what document to be executed by the co -owners to transfer some share to mother.

Is  Relinquishment Deed by one son and

Gift deed by father is sufficient to transfer share to mother.

Your views are solicited


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